TL;DR

• Steady U.S. issuance: 47 offerings raised $20.1B in April, with 14 IPOs ($10.2B) and 33 follow-ons ($9.9B).
• IPO comeback: April’s 14 priced IPOs marked the highest monthly count since November 2021, with a +20.6% dollar-weighted 1-day return. 
• Industrials in focus: The sector drove 52.8% of IPO proceeds ($5.4B across 5 deals) – a single-month total that exceeds full-year Industrials IPO issuance in each of the prior four years. Industrials also led all-offering-type performance with +21.8% 1-day and +30.9% 3-day dollar-weighted returns. 
• Energy cools sharply: After flagging the week ending April 3 as Energy’s busiest week since January 2017, the sector finished the month with just 2 offerings, down 84.6% MoM from March’s 13. 
• Healthcare leads by count: 24 offerings raised $7.6B, the most active sector in April across all offering types. 
• Cornerstone backing strengthens: 9 cornerstone-backed offerings raised $6.6B with $1.7B (~26%) attributable to cornerstone commitments and delivered a +26.5% 1-day dollar-weighted return – a meaningful signal of institutional demand. 

U.S. ECM Holds Its Footing as IPO Engine Restarts 

U.S. equity capital markets activity in April was defined by a long-awaited reawakening of the IPO calendar. 47 offerings raised $20.1B, split between 14 IPOs at $10.2B and 33 follow-ons at $9.9B. The standout figure: April’s IPO count was the highest in a single month since November 2021, when 23 offerings greater than $50M priced. IPOs also delivered a +20.6% dollar-weighted 1-day return – a result that should reinforce issuer confidence and pricing power into May.  

Sector Spotlight: Industrials Stage a Breakout 

Industrials emerged as April’s defining narrative. The sector accounted for 52.8% of IPO issuance – 5 offerings raised $5.4B +25.8% 1-day dollar-weighted return. For context, $5.4B in a single month exceeds full-year U.S. Industrials IPO issuance in each of the last four years. 

Industrials across all offering types – the strongest sector across the curve:

• 1-day: +21.8% 
• 3-day: +30.9% 
• 7-day: +28.5%    

Energy: From Multi-Year High to Sharp Reset 

In our weekly commentary, we flagged the week ending April 3 as Energy’s busiest week since January 2017. That early-month strength did not carry. Energy issuance fell to just 2 offerings in April, an 84.6% decline from March’s 13. The reversal is worth watching: sponsors and operators appear to have front-loaded monetization into favorable conditions earlier in the year, and the deceleration may signal that secondary supply has calmed for now. 

Healthcare: The Quiet Heavyweight 

Healthcare retained its position as the most active U.S. sector, with 24 offerings raising $7.6B across all offering types. The sector continues to provide consistent breadth even when sector-specific narratives (Industrials, Technology) capture headlines. 

Cornerstone Investment: A Quiet Tailwind 

A theme worth flagging for syndicate desks: 9 of April’s offerings were cornerstone-backed, collectively raising $6.6B with $1.7B (~26%) attributable to cornerstone commitments. Those deals printed a +26.5% dollar-weighted 1-day return, above the IPO and broader market averages. 

Looking Ahead 

With 7 US IPOs already priced in May and 4 more on the road, the calendar is set up for a constructive multi-month IPO stretch. 

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